9 August, 2010 13:08

9 08 2010

For the last few months I’ve been testing a discretionary trade method on the EURUSD and GBPUSD . Approach relies upon using the previous day’s highs/lows as support/resistance, looking for breakouts of these areas and using the 3min timeframes to establish entries. Nothing complicated but the results have been encouraging enough for me to employ this on a ‘live’ basis.

Blue line at 1.3269 indicates previous day’s low. Entry at 1.3259 (small blue line), stop at 13275 (red line) and 1st target profit at 1.3251 (gold line). 3 contracts opened and 2 contracts closed at 1st TP. Remaining contract is therefore risk free and left open to maximise return.

Update – 1st TP hit and stop moved to 1.3265

Update (10th Aug) – Secondary trade initiated (next post) so position on this trade locked in at stop level of 1.3138, locking in 16 pips on two contracts (at 1st TP) and 121 pips on remaining contract. Sweet.

Advertisements

Actions

Information

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s




%d bloggers like this: